Dipo Olowookere
By Investors Hub
European shares have risen on Wednesday to hover near four-year highs as upbeat comments from U.S. President Donald Trump on trade fanned hopes of an easing of tariff hostilities.
The upside, however, remains limited after official data showed China’s industrial profits declined at a faster pace in October amid falling producer prices and slowdowns in production and sales growth.
While the U.K.?s FTSE 100 Index has climbed by 0.5 percent, the German DAX Index is up by 0.3 percent and the French CAC 40 Index is up by 0.1 percent.
Rio Tinto shares have advanced after the mining giant approved a $749 million or A$1 billion investment in its existing Greater Tom Price operations to help sustain the production capacity of its iron ore business in the Pilbara of Western Australia.
British American Tobacco has also jumped. In its second half pre-close trading update, the tobacco firm said its business continues to perform well and that it is on track for a strong financial performance on an adjusted basis in 2019.
Finnish ship technology and power-plant maker Wartsila has also moved notably higher after JP Morgan raised its price target on the stock.
On the other hand, Steinhoff International Holdings N.V. shares have plunged. The investment holding company and CFAO Group announced that they have finalized the deal for Steinhoff’s South African motor retail business Unitrans Motor Holdings Proprietary Limited.
